Hello MarketClub members everywhere. I just got back from a few days in California visiting my new 2-month-old grandson which I'm very excited to say is a well and a very hungry little guy. While I was away the index markets just thrashed about until my return when yesterday we saw a significant move to the upside in the indexes. The big surprise for many traders was the big drop in gold prices. I will be looking at that drop today based on the Trade Triangles and you may be surprised to see what they were indicating and showing traders in the last 10 days. Crude oil continues to be in a strong uptrend, but that may be coming to an end as crude is fast approaching the $50 mark. Indices: Let's start off by looking at the major indices. The one index that I'm referring that is all systems go is the NASDAQ (NASDAQ:COMP). With all of the Trade Triangles green, I am hard-pressed to think of a negative for this particular index. Yesterday's move coming from a small pivot point triggered a very short-term target of 4900 for this index. One concern I have is that the S&P 500 (CME:SP500) and the Dow (INDEX:DJI) are still showing a mixed picture and trading range, all of which could hamper any further upside for the NASDAQ. Gold (NYMEX:GC.M16.E): Less than one week ago on 18 May a red daily Trade Triangle triggered at $1270.10 on gold indicating an exit and sidelines position. It was quickly followed by a red weekly Trade Triangle at $1244.60 on May 23 signaling that the trend was now down and a short position should be entered. I would not be surprised to see support coming into the gold market around the $1,220 level. Crude Oil (NYMEX:CL.N16.E): The improbable bull market which began in early March of this year has defied conventional thinking by going higher. If you look at the chart, you can see that a perfect double bottom and pivot point was formed on January 20th and again on February 11th. The pivot point which came in on January 29th confirmed that when broken to the upside that a bull market was underway.
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